01. What is IEC ? IEC Stands for IMPORTER EXPORTER CODE 02. Who requires an IEC? IEC is required by anyone who wish to have International transactions or trade. This covers Freelancers, individuals, companies, firmsm, bonafide persons etc. 03. Can Export/Import be made without IEC? No. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer. 04. What are the benefits of IEC? On the basis of IEC, companies can obtain various benefits on their exports/imports from DGFT, Customs, Export Promotion Council etc. 06. What is fee for modification in IEC? No fee is chargeable for modification in IEC, if informed within 90 days of such changes. After 90 days, a fee of Rs. 1000/- is charged. 07. What is the fee for issuance of duplicate IEC? Rs.200/- 08. Is PAN Number/PAN card essential? Yes , PAN is mandatory. Photocopy of PAN card has to be submitted alongwith the application. If PAN card is not issued to the applicant then a copy of PAN allotment letter from I.T. Deptt will also be accepted. 09. How much time does it takes to get an IEC? Normally two working days 10. Can IEC be hand delivered/Over the counter? No, IEC issued are dispatched through Speed Post. 11. Is there any Tatkal Scheme ? No. 12. How an applicant (NRI) can apply ? NRI has to follow the normal application procedure. In addition permission from RBI/ FIPB is needed in some cases. 13. Procedure for a foreign national for obtaining IEC (documents needed)? Board Resolution, Memorandum of Association, copy of Passport. 14. Do Foreigners require residence in India? Not necessary. 15. What is RBI's Automatic approval for obtaining IEC ? Notification No. 20/2000/RBI dated. 3rd May, 2000. 16. In case the IEC is received undelivered, what are the documents required for proving the genuineness of the firm ? Information to Post Office, copy of Telephone Bill, Electricity Bill copy of Rent deed etc (any one) are required to confirm about the genuineness of the address. 17. Why P...